China, the world’s biggest steel producer, reduced output for the fifth time in six months after the government curbed power supplies to steel mills.
Crude-steel production dropped 0.3 percent to 50.17 million metric tons from 50.3 million tons in October, according to Bloomberg News calculations based on data provided by the National Bureau of Statistics. Output gained 4.9 percent last month.
China started to limit power to steel and aluminum plants from September to meet energy-saving targets set for the end of 2010. The curbs came as construction sites in China’s southern provinces increased buying of building materials, boosting steel demand, according to China International Capital Corp.
Chinese prices for hot-rolled coil, a benchmark product, rose to a seven-month high of 4,450 yuan ($668) a ton on Dec. 8, according to Beijing Antaike Information Development Co.
Steel production rose 10.1 percent to 577.25 million tons in the first 11 months from a year ago, according to the statistics bureau.